Silo Pharma, Inc. reported its financial results for the nine months ended September 30, 2024, highlighting several key performance metrics and strategic developments. The company, which focuses on developing novel therapeutics for underserved conditions, experienced a net loss of $2,662,260, a slight increase from the net loss of $2,579,507 reported for the same period in 2023. The net loss per common share improved marginally from $(0.82) to $(0.78).
Revenue remained stable, with total revenues for both the nine months ended September 30, 2024, and 2023 reported at $54,076. The gross profit for the nine-month period was consistent at $49,698. However, the company faced increased operational losses, with a loss from operations of $(2,892,342) compared to $(2,691,868) in the prior year, reflecting a 7.4% increase.
Research and development expenses surged significantly, totaling $1,292,437 for the nine months ended September 30, 2024, compared to $508,127 in 2023, marking a 154.4% increase. This rise in expenses is attributed to the company's ongoing commitment to advancing its therapeutic candidates, including SPC-15 for PTSD and SP-26 for chronic pain relief.
On the balance sheet, Silo Pharma reported total current assets of $8,261,787, up from $7,681,158 at the end of 2023. Cash and cash equivalents increased to $4,860,890 from $3,524,308, indicating improved liquidity. The company’s total stockholders’ equity rose to $6,782,263, compared to $6,176,871 at the end of the previous fiscal year.
Strategically, Silo Pharma entered into an exclusive license agreement with Columbia University on July 1, 2024, for a cost of $247,400, aimed at developing SPC-15. The company also successfully raised approximately $2.1 million in gross proceeds from a securities purchase agreement in July 2024, which will be utilized for working capital and general corporate purposes.
The company’s stock repurchase program remains active, with a total of 355,710 shares repurchased for $644,234 as of September 30, 2024. This program, initially authorized for up to $1 million, has been extended multiple times.
Overall, while Silo Pharma continues to face operational losses, its strategic initiatives and improved cash position suggest a focus on long-term growth in the biopharmaceutical sector.
About Silo Pharma, Inc.
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